Investment and incubation arm KuCoin Labs announced on September 19, 2022, its support for BidShop.io. The beneficiary is a Non-Fungible Token (NFT) solution that offers additional liquidity streams for digital asset collectors.
Web3-focused venture capital firm Republic Capital joined KuCoin as the project’s co-incubator.
BidShop.io is a startup solution that utilizes a “reverse auction mechanism.” Using the system, all bid values are encrypted on the Ethereum Virtual Machine (EVM), making them invisible to bidders.
The platform also incorporates game theory frameworks into traditional NFT auctions. This allows the creation of liquidity streams above floor price for asset owners. On the other hand, BidShop allows buyers to obtain rare NFTs at a fraction of the price.
“The reason why we love BidShop.io is not only the unique technology but the true gamification of the NFT space, adding more liquidity and providing more people with a chance of acquiring NFTs with true value,” KuCoin Labs head Lou Yu. “KuCoin Labs is advising Bidshop.io from various aspects, such as business strategy, fundraising, marketing orientations as well as go-to-market strategies, etc.”
KuCoin is a cryptocurrency exchange based in Seychelles. Launched in September 2017, the platform currently offers over 700 digital assets, while providing various trading, staking, and lending features. As of this writing, KuCoin boasts a 10 million user base with presence in 207 countries.
The exchange raised over $150 million in investments in 2022. The company acquired the funds through a pre-Series B Round. Combined with Round A, KuCoin’s capital has reached $170 million (at a total valuation of $10 billion).
Earlier this year, personal finance service The Ascent, named KuCoin “The Best Cryptocurrency App for Enthusiasts for 2022.” The Ascent is a personal finance service by The Motley Fool, a prominent company that provides financial and investing advice.
KuCoin is one of the sponsors for upcoming Web3 conference Token 2049. The expo is happening from September 29-29 at the Marina Bay Sands in Singapore. The affair is Asia Crypto Week’s flagship event, a week-long blockchain-centered convention that will cap off with the Formula One Singapore Grand Prix 2022.
On May 25, 2022, KuCoin’s investment arm KuCoin Ventures invested in Joyride Games. Joyride Games is a Web3 publishing platform that game creators use to build, launch and grow their projects.
The funding round was made possible through KuCoin’s $100 million “Creators Fund,” which aims to nurture young artists and creators, and showcase their works through the blockchain.
About KuCoin Labs
Launched in May 2018, KuCoin Labs is the research, investment, and incubation arm of KuCoin. The blockchain-focused department also provides in-depth market research and analysis. Moreover, KuCoin Labs also has invested in early-stage projects, such as Web3 games.
Some of the gaming -related projects that the division supported in 2022 are as follows:
- Superpower Squad: In early June, KuCoin Labs announced that it had invested in Superpower Squad. The project is a superhero-themed, third-person shooter game, with a valuation of $50 million. Combining facets of Multiplayer Online Battle Arena (MOBA), Role-Playing Game (RPG), and Roguelike games, Superpower Squad also offers various features such as social chatting, ranking system, PvP and PvE game modes.
- PlayZap Games: KuCoin Labs led a seed round investment in early August for PlayZap Games, a Play-to-Earn (P2E) gaming platform. The recipient project will utilize the raised capital for the platform’s development. This includes building a mobile and desktop version, expanding market reach, and creating new game Intellectual Properties (IPs).
- Univers Network: On August 12, KuCoin Labs announced plans to incubate Univers Network, a metaverse infrastructure project designed for Web3 communities. The platform aims to promote interconnectivity in the digital world, while unifying game engines, and bringing eSports to the space. Additionally, the Univers Network plans to launch its own Decentralized Publishing Company (DPC) before the end of the year.